When the price moves lower on 10 of 11 days, the counter trend traders need to step up and show they have something more.

The GBPUSD has been down on 10 of the last 11 trading days. The close yesterday came in at 1.4445. The price is currently below that level which would make today the 11th of 12 days IF it closes below this level. But do the buyers have a leg to stand on?

Well, looking at the weekly chart, yesterday, the low price traded at the lowest level since the week of June 6, 2010. That low during that week came in at 1.4345. The low from yesterday got within 6 pips of that low at 1.4351. Was that a good low? Can the buyers base off of that level?

Yes, but there has to be more. There has to be levels above that are taken out.

Lets look at the 5- minute chart.

The rally off the low took out the 1.4378 level. This was the swing low yesterday before the final plunge to the low price for the day (see blue circles in the 5 minute chart below). That low was tested in trading today and the price bounced quickly. OK but it is enough? The price move higher off that low took the price up to the 50% of the days range today at the 1.4426 level (the high reached 1.4429). If the price is to go higher that level needs to be breached and the price stay above the 1.4426. Then there needs to be the move that takes the price above the close from yesterday. You can't make a bottom and move higher if the price is lower on the day.

Finally, drilling down into the hourly chart, the move from the high this week to the low this week has the 50% retracement at the 1.44775 level. The highs in trading today came in at 1.4475 and 1.4474 - a few pips shy of this key retracement level. A move above that level will also be needed at some point if the buyers are to take control.

Are the buyers showing the way? Not really. Although there are signs of interest on dips and a roadmap is in place with what needs to be done, the rallies still remain tentative. The 50% held on the hourly chart at 1.4477. The 50% of the move down today found sellers at 1.4426 area. The price is down on the day (close was at 1.4445). If the price is to go higher, each of these levels need to be breached.